Evergrande Set to Avoid Default After Paying Overdue Interest
- Grace period for $148 million in coupon payments ended Nov. 10
- Evergrande has yet to default on any public dollar bonds
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China Evergrande Group again averted a default in its biggest test since a liquidity crunch at the property developer began earlier this year, just as the nation’s efforts to limit fallout from the crisis gather steam.
Customers of international clearing firm Clearstream received overdue interest payments on three dollar bonds issued by Evergrande, a spokesperson for Clearstream said. Two investors who hold two of the notes confirmed that they received the payments, asking not to be identified because they weren’t authorized to speak publicly.